Thursday results roundup

January 27, 2000: 6:53 p.m. ET

E-commerce firms post mixed results; tool makers line up with estimates

NEW YORK (CNNfn) - Thursday earnings reports showed mixed results for e-commerce companies; recent acquisitions helped a grocer and a drug company boost profits; tool makers Black & Decker and Stanley Works beat estimates; medical products maker, Baxter, met expectations; and Starbucks climbed even higher.
    Fourth quarter earnings season is shaping up to be a strong one. Of the 295 companies in the S&P 500 that have reported results, 195, or 66 percent, have beaten analysts' forecast, according to earnings tracker First Call Corp. Sixty-three met Wall Street targets. Only 19 came in below expectations.

Dow Chemical Co. (DOW) reported higher fourth-quarter earnings Thursday that exceeded analysts' estimates. The Midland, Mich.-based chemical maker said the improved earnings came despite increased energy costs that outstripped product price hikes.

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Safeway Inc. (SWY), the nation's second- largest grocer, beat earnings estimates in a fourth quarter helped by recent acquisitions.

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Greater product diversification allowed drug maker Eli Lilly & Co. (LLY) to increase earnings by 20 percent in the fourth quarter to meet earnings expectations Thursday.

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GTE Corp. (GTE) hit earnings estimates in what is likely to be its last full quarter as an independent company. As with other telecom companies that already have reported, the company saw the greatest growth in non-core services, including wireless and high-speed Internet access.

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Dell Computer Corp. (DELL) will not report earnings until Feb. 10, but warned late Wednesday that its profit and revenue for the quarter ending Jan. 28 will fall short of expectations, as a parts shortage and a slowdown in corporate spending took a bite out of sales and earnings.

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iVillage (IVIL), the Internet portal aimed at women, posted fourth-quarter results Thursday that beat Wall Street estimates and reported a leap in membership.

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    Priceline.com (PCLN), the Internet auction site, narrowed its losses more than expected in the fourth quarter, and raised revenue estimates for 2000 Thursday.
    The company said that based on business so far this year it expects to have revenue of $1 billion in 2000, more than double 1999 revenue.

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eToys (ETYS), the online toy retailer, Thursday reported a wider fiscal third-quarter loss that was in line with analysts' forecasts. Sales were nearly five times higher for the period, which includes the year-end holiday season, at $106.8 million.

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    Danone, France's biggest food maker, posted a stronger-than-expected 14 percent rise in 1999 net profit Thursday, attributing the gain to
    a tighter focus on drinks, dairy products and biscuits.

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    CSX Corp. (CSX) did not release final fourth-quarter results Thursday, as expected. CSX said it still needs to close the books on the Dec. 10 sale of much of its Sea-Land Service ocean shipping operations to Maersk Line.
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    R.J. Reynolds Tobacco Holdings Inc. (RJR) posted on Thursday a nearly 50 percent decline in fourth-quarter profit, reflecting higher promotional spending and a drop in cigarette shipment volume.

    Kellogg Co. (K) posted a 47 percent rise in fourth-quarter operating income Thursday, as expected, but sales dropped slightly.
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    Black & Decker Corp (BDK). and Stanley Works (SWK), two leading tool manufacturers, beat fourth-quarter earnings estimates Thursday.
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    Medical products maker Baxter International Inc. (BAX) reported fourth-quarter profit Thursday, in line with analysts' expectations on strong sales of its blood therapy products.
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    Taiwan Semiconductor Manufacturing (TSMC), the world's largest maker of made-to-order microchips, posted a threefold surge in fourth-quarter earnings Thursday and predicted sales growth of 20 percent this year.
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    U.S. copper miner Phelps Dodge Corp. (PD) Thursday reported a smaller-than-expected fourth-quarter operating profit, and announced about $342 million in charges as it plans changes in its Arizona and New Mexico operations.
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    Louisiana-Pacific (LPX) said Wednesday it doubled its fourth-quarter earnings compared to last year, prompting Chairman and CEO Mark Suwyn to shave his head to make good on a promise to employees.
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    Starbucks Corp. (SBUX) posted a 30 percent increase in fiscal first-quarter income Thursday, as expected after the company issued an upbeat earnings forecast earlier this week.
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    USG Corp. (USG) posted on Thursday an increase in fourth-quarter profit, reflecting a surge in shipments of its wallboard panels as well as higher prices.
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